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reich and steve moore will square off. fasten your seat belts, the "kudlow report" begins right now. good evening, everyone. i'm larry kudlow. welcome back to "the kudlow report." tonight's big story, big ben bernanke keeps his job as president obama announces today he will renominate the fed head for a second term. so, will he be helicopter ben or will he be king dollar ben? former fed bigwig larry lindsey will be with us in a moment to help us discuss this, along with john tamney of real clear market. firstoff, pearson joins us now with the full report. was anybody surprised down there, hampton? >> the timing, yes, overall, probably not, president obama interrupting his martha's vineyard vacation to make the announcement appointing ben bernanke as second term of federal reserve. the president said ben bernanke has already made history. >> good morning, everybody. as expert on the causes of the "great depression," i'm sure ben never imagined he would be part of a team responsible for preventing another but because of his background, his temperament, his courage and creativity, that
would we have china keep buying our debt proved steve moore has some ideas. -- our debt? steve moore has some ideas. ever worn your clothes in the shower? if you're using other moisturizing body washes, you might as well be. you see, their moisturizer sits on top of skin, almost as if you're wearing it. only new dove deep moisture has nutriummoisture, a breakthrough formula with natural moisturizers... that can nourish deep down. it's the most effective natural nourishment ever. new dove deep moisture with nutriummoisture. superior natural nourishment for your skin. there's that mr. clean magic eraser thing again. clean freak. [ bottle #2 ] whoa... is he better than us? uh, i mean, i mean i feel like it took you like three times longer to do whatever he did... dude, dude, he's got...these -- like -- microscrubbers... yeah, i guess... magic man. he's a magic man. what? i just want to be squeezed. greta: on capitol hill, it is all about health care. the blue dog democrats, or something in between? senator john mccain joins us live. senator mccain, good to see you. >> thank you, greta. it i
, and wall street journalist steve moore, co-author of "the end of prosperity." won't the cash for clunkers, steve, end the cash fend of prosperity. >> i have to take away your writing. >> and he knows this stuff. i'm just a hack. >> you guys are for clunker economics. let me just say for full disclosure here, my wife and i are going to take advantage of this program. >> here you go. >> we have a car worth $600, the government will pay us $4,000. it's terrible economics, larry, this is basically violating the economics. henry has let, you have to go back and read it. you don't create wealth by -- the government owns the car company and basically paying americans to buy the cars. >> john, i don't want to let this slip by. if steve moore and his beautiful bride, alison are out there buying it, participating in cash for clunkers, john, isn't that the ultimate incentive test, i ask you? >> i think it is. i'm tempted as well. let's face it we have scrappage rate in this country $12 million, selling less than 10 million cars and trucks. now is a really good time if you can get people to overcome
'am. they have been hit with a massive fine. why is that wars? steve moore will tell you. and some verbal gaffes. apparently, president obama had a birthday wish, and it involves hñí >> from america's news headquarters, i am ensley your heart. there was a shooting in pittsburgh at the l.a. fitness the tuesday night. at least five people are dead including the gunman. it least 10 other people were shot, some critically. when this -- with this is says the gunman entered a class and shot the people. then he took his own life. and the cash for clunkers program has been successful. but there are reports that foreign car makers are benefiting the most. and they have not released details on just how successful the program has been. tion. if you would like more information, check out our website, greta: so where is the cash? the spending explodes like never before being we are learning how badly we are being starved. 18% drop in tax revenue, the worst single-year drop since the great depression. meanwhile, in other financial news, bank of america as been slapped by the securities an
with a massive fine. why is that wars? steve moore will tell you. and some verbal gaffes. apparently, president obama had a birthday wish, and it involves his vice president. finally, good news for people with type 2 diabetes or at risk for diabetes. introducing new nutrisystem d, the clinically tested program for losing weight and reducing blood sugar. hi i'm mike, and i lost 100 pounds on nutrisystem d when i was first diagnosed with diabetes, that first step was more like a giant leap. till i discovered nutrisystem d. in a clinical study people on nutrisystem d lost 16 times more weight and reduced their blood sugar 5 times more than those on a hospital-directed plan. plus a1c was reduced .9%. choose from over 140 menu options, there is no counting carbs, calories or points. i lost 100 lbs. and lowered my blood sugar level. nutrisystem d changed my life. mike is one of many who have lost weight and controlled their diabetes with new nutrisystem d. backed by 35 years of research and low glycemic index science nutrisystem d works. satisfaction guaranteed or your money back! new! nutrisystem d.
to discuss this enterprise back down, to the editor dan henniger senior economics writer steve moore, washington columnist, jim strossen. so ken, do you think the white, house -- cannot, do you think the white house is behind this campaign? >> of course it is. if you look, the democratic national committee has its own arm which is president obama's campaign arm. they have been out running ads. they don't name names that way and aren't aggressive, but in districts of moderate democrats saying it is time for healthcare now. they have been exerting their own pressure. apparently the president in private meetings as he doesn't approve of any of this, but according to these groups, they have received a telephone call from the white house. >> paul: president told senators look, i don't think this is productive. terry reed, majority leader in the senate said knock it off, they're not working. are you saying david axelrod or rahm emanuel are prerecession times the chief of staff, or on the site saying yes, go get them? symantec is an element to that. we saw this back in the campaign when ob
moore. steve, we start with you, if i may. the stock market, a traffic rally. we hear that the recession is winding down and may be over. why is the president's recovery plan questioned so harshly? >> well, the one piece of good news, stuart, is the stock market has been on a soaring increase over the last three or four or five weeks. i regard the stock market as forward looking indicator. but every time it look like the economy is picking up a little bit of steam, you see the statistics that come out that suggest it's stumbling again. what is making americans most nervous right now is the lousy unemployment numbers. we saw unemployment numbers climb a little bit last week. this suggests we might be in the throng of a jobless recovery where we don't see the unemployment rate fall much. when you have 15 million americans who are unemployed, it's hard for them to pay the rent, pay the mortgage and hard for them to go out and shop. >> i am looking at the credit oblt the president's recovery and i saw the credibility question by warren buffett in the "new york times" where he said look, you
you. steve moore sees something no one else does. ..xn0] neil: it does seem weird that on the day we have the supreme court judge names, we are dealing with cars. cash for clunkers. if you trade in your clunker, will there be a new car waiting for you? jeff flock has a chrysler dealership in illinois. hey, jeff? >> the government approved a $2 billion more for the cash for clunkers program -- approved $2 billion more. and then, you do not have any cars to sell. >> we are getting some in next week. >> chrysler/jeep/.. -- chrysler, jeep's, dodge. -- jeep's -- jeep. they got the clunkers in here, but toyota did not shed any plants down. neither did nissan. -- they did not shut any plants down. the cheapest here is the patriarch. -- petrie not. how many do you have? >> 9 -- patriot. how many do you have? >> 9. -- none. >> the japanese are going to win all of the clunker deals. neil: all right, thanks, buddy. >> talking about raising taxes. what is true is that we have a long-term budget problem, and the president is committed to dealing with that, and right now, the way we are focusing o
attention, you might be dishing this adds. steve moore is here to explain. but first, we spoke to a senior adviser to president bush, karl rove. thank you for joining us. >> thank you for having me, greta. greta: the news that has consumed everyone in the last 24 hours has been senator kennedy's death. i assume while you were here in washington, you had a chance to work with him. >> he was hard-working. when you went to a meeting with ted kennedy, as we did many times at the white house, you had better had done your homework, because he did is. this is a guy that got every morning and said, "how can i advance because i believe in?" he was a fervent advocate, and he did his homework, so i had a great deal of respect for him after i saw how hard he applied himself, particularly in comparison to a lot of people around him. he was an outgoing person, very friendly when he came to the white house, very courteous, a generous person. i found it hard to compare the person that i saw or the person that i saw with sam alito or john roberts, particularly sam alito and robert bork. i thought it was be
next, steve moore says he has proof that the stimulus is not working. he's going to tell you. plus, any time you're a mistress slips in a side door with a baby people say is yours, there's probably bad news coming. just ask former senator john edwards. inspired from around the country. from the northeast, try our new garlic-roasted maine lobster and crab bake. or from the south, try our new orleans wood-grilled shrimp jambalaya. for a limited time. at red lobster. if you're using other moisturizing body washes, you might as well be. you see, their moisturizer sits on top of skin, almost as if you're wearing it. only new dove deep moisture has nutriummoisture, a breakthrough formula with natural moisturizers... that can nourish deep down. it's the most effective natural nourishment ever. new dove deep moisture with nutriummoisture. superior natural nourishment for your skin. ♪ i'll fall from your grace greta: steve moore says the stimulus is not working and he has proof. the number of u.s. workers filing for jobless benefits did fall that week. is that good? joining us live is a senior
're watching all of this. thank you. >> thanks, greta. greta: up next, steve moore says he has proof that the stimulus is not working. he's going to tell you. plus, any time you're a mistress slips in a side door with a baby people say is yours, there's probably bad news coming. just ask former senator john edwards. discover new seafood creations... inspired from around the country. from the northeast, try our new garlic-roasted maine lobster and crab bake. or from the south, try our new orleans wood-grilled shrimp jambalaya. for a limited time. at red lobster. having to go in the middle of traffic and just starting and stopping. having to go in the middle of a ballgame and then not being able to go once i got there. and going at night. i thought i had a going problem. my doctor said i had a growing problem. it wasn't my bladder. my prostate was growing. i had an enlarging prostate that was causing my urinary symptoms. my doctor prescribed avodart. (announcer) over time, avodart actually shrinks the prostate and improves urinary symptoms. so i can go more easily when i need to go and
? >> well, first of all, let me say it's a pleasure to be on with steve moore, because when he was running at cato institute, ranked me as the most conservative governor in the country. >> sure that, is true, larry. that is true! >> check the numbers 14 times because he knew he would get so much flack. he and i agree on deficits, but not in the short-term. i think krugman is right, big surprise. but only as he says in the article in the short term. i think they really have -- i'm delighted that bernanke was reappointed, and i had had said so previously on cnbc that i thought he should be, because he really is a student of the depression. i think he probably averted another major huge meltdown. but as krugman says, long term deficits are not the solution. short term are. i have to say it pains me, because i am fiscally pretty conservative, but i do think they did the right thing by spending all this outrageous amount of money. now they're going to pay the money back, though, and that's the hard part. to do it at the pace that they -- not to make the mistake they made in 1937. >> exactly, ex
. what happens when it goes on with china? steve moore is here. and he might be number one of and he might be number one of all cable newewewewewews,ewewn,, lifeless hair... our expert stylist recommends full & thick from pantene. it just got the good housekeeping seal. you wanna know why? the full & thick collection really leaves the hair full. starting at the roots, your hair lifts up and away. look at all this body. and that's gonna last all day. [ stacy ] a little expert advice. full, thick-looking results the leading salon brand can't beat. full & thick from pantene. healthy makes it happen. greta: we need the chinese to keep buying our debt, but, apparently, they are starting to grumble. they are not impressed with our growing debt. how do we get the communist nation to keep picking up the tab for us? joining us is steve moore, a senior editorial writer for a "the wall street journal." >> they are wondering whether we are a good credit risk, right? we are only borrowing $2 trillion, right? greta: are they concerned? >> yes, they are, and you would be, too, if you keep doing thi
epstein and steve moore, co-author of "the end of prosperity." i love charlie rangel a good man, especially talking about cutting corporate tax. this ethical business is out of control. i don't see how he can maintain his post as head of the tax ways and means committee. what's your thought? >> this reminds me of that steve mountain routine he used to say, you can make a million dollar and pay no taxes. first make a million dollar, when the irs comes knocking on your door and asks why you didn't pay your taxes, you say, i forgot. that's what's going on here. this is important. this is a series offer ethical lapses that have happened under the chairman of the ways and means committee. let's keep in mind, this is the guy in charge of writing the tax laws. does he not understand the tax laws he's written himself? he wants to raise tax rates on high income violence but not paying them himself. i can't help say also you have had three or five major people in the democratic party and administration now been caught cheating on their taxes. what's going on here with liberals that want t
and they are the silver state. we don't settle for second-best. greta: we are joined by steve moore. >> i love this. i told you that california would retaliate. if you go on the nevada development corp., they have about three or four different advertisements they run in california. this is a total waste of money. greta: this will draw a lot of attention. they are funny, they are clever, they are to states fighting. nevada has a 12.5% unemployment rate. >> california has the highest corporate and personal income tax in the country. businesses can escape by regulation and high taxes by moving to nevada. every business in california knows that already. greta: it sounds like they're dragging this out of the basement. this is funny. the psychological impact of making people feel better will be good. >> it would be better to get to their economy in order rather than spending money on this. california has a lot of burdens. i've talked to a lot of businessmen who moved out of california and they say you cannot do business. the regulation is too high. they treat you like you are an enemy of the state. when the
the government have anything to do with this at all? we are joined by steve moore. i and the stand you are not a fan of this idea. >> i don't like the government setting pay standards. if you're talking about a case where the institution that government money, that is a different issue. we are talking about banks that are paying back the money they owe to the government and once they do, they should be free. we want our companies to be able to recruit the best talent that they can. to have the government micromanaging them is offensive and it will be very difficult for these banks to succeed. >> these companies, if they had received some money, that is how they got on the list? >> we are on thin the stage for some of the banks are repaying the money. once they do that, set them free. let them organize and manage their businesses. in my opinion, these decisions about executive pay. i agree, in some cases, these pay scales have gotten out of whack. the question is who should decide what thegoals should be? it should be the boards of directors of each company and the shareholders. -- the
and they are going to raise taxes. they're going to cut back on reductions. steve moore joins us. we will be going to nevada. >> the truth is for the last five or 10 years, a lot of businesses have moved out of california. that is right next door. you don't have to pay corporate income tax or a personal income tax. california has virtually the highest business taxes and personal income taxes. there is an incentive. greta: that is before the latest news that they are raising taxes again. they are raised in the vehicle tax 1.5% of the value of the car. that will make people angry. >> last year they raise the sales tax and the personal income tax. greta: the tax board is lowe ring the tax brackets. >> that's correct. they also started the year with and $8 billion deficit. they are a financial wreck right now. they have the highest personal income tax rate. they cannot balance their budget. part of the problem is that a lot of these businesses that pay all the taxes are moving out of california, they're moving to idaho, texas. the california tax base is shrinking year after year. >greta: they are real
is health-care rationing? joining us is steve moore, an editorial writer for "the wall street journal." here is the senate bill. do not confuse this with the house bill. all right, in the senate bill -- >> by the way, let me say, that is not theç whole senateç bil. there are sections that are missing. the committee has not actually -- the members of the senate, the public, and the press cannot get the whole bill of it. there are probably about 300 pages missing. greta: all right. is there rationing? >> the word "rationing" is not in that bill, and it is not in this bill, and they will deny it. if you look at some of the provisions. there is this whole idea of end up live counseling and so on -- greta: -- end of life counseling and so on -- greta: what people are calling "death panels." >> half of the cost of the health-care system, our people in the last six months of life, is hugely expensive -- our are people in the last six months of life. it is hugely expensive. teg is about this. a ranking committee member -- let me just tell you one other thing about this. greta: that is in the sen
bailed out be joining us is steve moore, a senior economics writer for the "the wall street journal" editorial page. they are outraged. >> deservedly. members of congress were taking junket trips. and now they are," i had no idea." greta: -- and now, they are," i had no idea." -- they are, "i had no idea." >> $100,000 to go to antarctica to study global warming. ok, this is an amazing story. $38 billion in overdraft fees. the american people, we have got to be more financially literate. i mean, the way people -- the banks make money is when people bounced checks. people, do not bounce checks. -- when people bounce checks. it suggests to me that people are living from paycheck to paycheck, and in a lot of cases, they cannot make a living paycheck to paycheck. i think americans are -- and this is why it is so foolish to be raising the payroll tax, as the democrats want to do in the health-care bill. should the banks be charging lower fees? i do not know. greta: all right, here is mine rub. here is what i want to know -- here is my rub. we gave them a lot of money. are they paying the
wall street journal" just surveyed economists, and 27 say the recession has ended. joining us is steve moore, a senior writer for "the wall street journal" editorial page. can we talk about the new ceo for aig? he just got tired last week, and what is he going to do? because i want you to tell the viewers what he is going to do -- he just got hired last week. i do not want them to be mad at me. >> i do not know all of the full details of it, but, essentially, he just started the job last week, and now he is going to go on vacation to croatia. apparently, he had this vacation planned for many months before taking the job. i think there is a little insensitivity here. greta: a little? a little? they could have hired him next week. he could have held the job for a week. we bailed them out to the tune of $180 billion, aig, or whatever the extraordinary numbers were. could he not have -- if he insisted on going on vacation, would it have made more sense to hire him one week later? instead, all of the unemployed americans, everybody who pitched in to bail out this company and the ceo -- and
that's your task, even though you applauded for mr. steve moore. now i want you to know, jury, that i have a lot of sympathy for capitalism. capitalism is dynamic, it's full of energy, it's critical to the prosperity of every nation since the industrial revolution. nobody want to put capitalism asunder. capitalism is also like an adolescent. it's proven that throughout the history of capitalism. it's an adolescent that needs supervision, it needs guidance, and it needs nourishment and i hear that you agree with me. without that guidance, we've gone through 30 years of reducing that guidance, that supervision and that nourishment and i will argue that's led to the catastrophe we face today. 10% unemployment, a banking system that we thought was the pride of america, that's now insolvent. the pride of the world in fact, that's now basically insolvent, except that it was saved by government recently. i could go on and on. >> no, you can't. >> retail sales -- >> you're reaching your five minutes, mr. madrick. >> retail sales, even recently kept going down. so we're in some trouble here. w
that's you're task. enthough you applauded for mr. steve moore. i want you to know, jury, i have a lot of sympathy for capitalism. capital jim is dynamic, full of energy. it's critical to the prosperity of every nation since the industrial revolution. nobody wants to put capitalism asunder, but capitalism is like an adolescent. it needs supervision, it needs guidance, and it needs nourishment, and i hear agreement. without that guide we have ground 30 years of reduce that supervision and that nourishment, and i will argue that's led though catastrophe we face today. 10% unemployment. a banking system that we thought was the pride of america, that is now insolvent. the pride of the world, in fact. it's not basically insolvent. except was saved by government recently. i could go on and on. >> no, you can't. no, you can't. you're reaching your five minutes. >> retail sales, even recently, kept going down. so we're in some trouble here. what will you be told by the defense? you will be told what you have heard time and again. that it wasn't capitalism. it wasn't unguided capitalism. it was
campaign. senator mccain just sat down with steve moore, a senior economics writer for the editorial page of "the wall street journal." starting with governor palin, what about it? >> first of all, he loves her. he thinks she was a total asset to the ticket, and taking on the people who think she was a mistake. he said the highlight of the campaign was right after she was chosen and at the convention when she gave that incredible convention speech, so he thinks she is a rock star in a real plus for the ticket. greta: why does he think that she left the governor's? >> he said that the one mistake he made with sarah palin is that nobody was prepared for the media's savage treatment of her, and he thinks it has continued to nonstop now for 6 to 9 months, and she and her family -- you know, you have talked about it many times. a family has been under attack, and she is so wounded by that that she did not want to be governor anymore. greta: when did? or does he think that she will be back -- wounded? >> the genuine affection he has for sarah palin and her whole family. greta: what about the ec
that you understand? joining us is steve moore, an editorial writer for "the wall street journal." >> you owe me, greta. i have not read the whole thing, but i have read a portion of it. i cannot say at understand all of it. greta: we have isolated some parts just to let the viewers know some of the things we do understand, and i want to go to the first section, which is section 102. this is the clear and plain language of the bill. ok. subsection c, and individual health insurance, coverage. subsection one. individual health-insurance coverage that is not grandfathered coverage under subsection a aldie offered honor after the first day of y 1. ok, got that? and the second one is separate, it accepted coverage. these are not included within the definition of health insurance coverage. nothing in paragraph one should prevent the offering other than to the health insurance exchange of accepted benefits as long as it is offered and priced separately from health insurance coverage." update, viewers, have you got that? >> that is going to push more people -- ok, viewers. that is very much the
. steve moore, are we witnessing history repeating itself? >> well, i certainly do not want any of the democrats to vote for the obama health-care plan to have their heads guillotined off, but what are they not listening to their constituents, neil? and as you know, many have canceled their town hall meetings. they do not want to hear what the constituents have to say. they know that they are angry. we have a representative form of government, and he can vote any way he wants. he was properly elected. that is the way we have elections. the way they could figure tivoli have their heads cut off is in the next election, when voters have a chance to strike back. -- the way they could figure actively have their heads cut off. -- figuratively have their heads cut off. neil: even prior to the pearl harbor, some were sitting in we have a duty and obligation to be there, fighting these guys -- some were saying we had a duty. >> you're exactly right. there are many times when members of congress take a conscientious approach, even when it is against the wishes of their constituents, but t
," and steve moore, senior economic writer for "the wall street journal", and the head of the policy studies at the cato institute. i'm listening to these sound bytes of people who are passionate. they're angry. what do they want to know? do they want to know if these people are reading the bills before they sign them, or do they want to know whether or not they're going to be able to afford this? what is it they're complaining about? >> well, i'm once again so impressed and proud of the american people. they understand the constitution and capitalism better than most elected representatives do, including republicans, and what they're complaining about is totally consistent with polls on the subject. i think most people are happy with their healthcare. b, only about one to 4% of americans don't like their healthcare and want nationalized healthcare. they have to fiddle with the polls to get the results differently, that is to say, present them. is healthcare a problem, and people think that polls are i.q. tests and if you ask them is xyz a problem, they have to say yes or they're not paying
, and in his memory, i will do everything i can as long as i am in the senate to achieve that goal. neil: steve moore from "the wall street journal" says this is exactly what he is worried about. >> by the way, i am still steaming with your interview with martin frost, where he said we should not worry about sending out thousands of checkss people in prison. we talked about this last night on your show, neil, about why we have a debt of $9 trillion. neil: you are referring to your visit on fox business network, which, by the way, steve, if you do not get it -- >> demand it! neil: when we are start doing this, and he is right, in the scheme of things, it is small, but that is 4000 checks to convicts that we know of, and we saw profit off and say, "fix it" -- and we slough it off. before long, we will be sending out checks to to what was -- to chihuahuas. >> let me say this about ted kennedy. i did not agree with him on any policy issues, but the guy was a lion for liberal causes, and i think it is a shame that there are not others that go to war for the conservative values that i think are impor
to china on our debt for the single month was 1.$1.2 billion. joining us is steve moore, an editorial writer for "the wall street journal." also, there was the announcement about reappointing ben bernanke. >> i was surprised about this. the financial markets like ben bernanke, but let's not forget that he was there when the market collapsed, and we have this great financial crisis. greta: continuity is a good thing in the market. >> that is right, and it is interesting that ben bernanke is there, george bush's guy. greta: i guess that if it is a flop, they can spread the blame. a success for ben bernanke and the president on the economy. ok, the deficit. >> these numbers are just so horrendous. by the way, i wanted to clarify what you said. the debt will be that figure, not the deficit. but there was a little sliver of good news today, which is that the deficit for 2009 will be a little bit lower than we expected, about $1.60 trillion. that is still four times larger than we have ever had it, but we areÑi still headingç towards a financial train wreck as a country if we do not do s
, but theç people you votedr did. so is the stimulus bill working? joining us is steve moore, a senior writer for "the wall street journal" editorial page. >> thank you, but i did not sign up for this either. greta: sean hannity wanted to know what this anniversary was, and i would not tell him. let's grade the six months. let's start the first 1:00 p.m., we are looking at different criteria. the first one is on employment. 14.8% in february, 16.3% in july. that is usually a lagging indicator -- the first one is unemployment. >> this is probably the worst one, because, after all, the stimulus was to create jobs. i brought my chalkboard, because, after all, i m&a staff professor, but i would have to give them -- i am a tough professor, but i would have to give them an f. we have actually lost jobs, so on that criteria, they did not perform. greta: all right, another indicator to look at would be foreclosure notices. in february, there were over 290,000. in july, it was 360,000 plus. >> i think the housing market has improved a tad little bit, so i am2going to giveç them a . i do not k
said thank you, steve. [laughter] >> love you. [laughter] >> where is my martial? okay. mr. moore, your next witness, please. smack i would like to call, your honor, mr. doug casey. >> mr. casey. [applause] >> mr. casey, would you please put your left hand on the bible and richard wright and? [laughter] >> do you solemnly swear to tell the truth, the whole truth and nothing but the truth? >> so help me god? >> which god? >> okay. >> oh, what. >> i have a copy on atlas shrugged. >> risher write-in. do you solemnly swear to tell the truth, the whole truth and nothing but the truth, so help you ayn rand? >> you have to take my word for it. [laughter] >> all right, mr. moore. >> mr. casey, thank you so much for being here today. the prosecution is trying to make a case that it was a bit of free market economics that caused this economic crisis but you were a long-standing student and a lecturer and writer out of american financial economic history. i would like to ask you this question, sir. do you see any evidence that was the breakdown of free market policies that cause the financial pani
. steve moore, let me start with you. what do you think of the guys who yelled at the automakers for coming in the private jets, and they're asking for more than the department of defense asked for. >> i want to hear julian's defense. i don't think it is defensible when they go after corporate ceos and do the same things themselves, julian, i think they look hypocritical. >> wow, he did that in like eight seconds. julian, i'll give you extra. >> in the interest of full disclosure, my firm does work for the private aviation industry. i'm not totally unbiased here. i think congress' decision was the right decision. c-37s are replacing the c-20s, which are half as expensive to operate. 85% to 90% of the time the planes are used by the air force, 15% by the congress. they're much, much cheaper to operate. it's very similar -- if i could just go on to the business jet issue. the private aviation, every single study that has looked at prif aviation has shown that these are incredibly cost effective and smart business decisions for private -- >> congress never should have yelled at the
in massachusetts thursday to spend just a passing moment in the presence of their late senator. edward moore teddy kennedy. nbc's steve handelsman reports. >> reporter: hour after hour, they came by the thousands to the kennedy library not far from downtown boston. ordinary americans who wanted to pay their last respects to the senator they called teddy. many visibly moved as they filed by senator kennedy's coffin. >> well, i was completely overwhelmed, actually. >> civil rights and, you know, minimum wage and he really was a voice of the poor. and, you know, the common person. >> reporter: the line of waiting mourners stretched into the night. suddenly along the line came senator kennedy's widow, hugging and kissing, even though she had never met, returning their affection for teddy. >> we're so honored they came out to pay tribute to my husband. >> reporter: the senator's coffin had arrived before nightfall by a military guard from washington. nearly 100 members of the kennedy clan were on hand. here caroline kennedy, bobby son chris, and robert kennedy jr. the kennedy family saying thank you to
to the plate, take on more risk and buy small caps. >> steve, is there moore room on the upside for small caps? >> probably so. ace an large cap manager, now is the time to buy a large cap because they've lagged a little bit. when the market believes there's going to be a recovery in the economy, they buy riskier names and they tend to be small caps. in the large cap world right now, we're buying riskier names that are 10 million market cap and higher. i think large caps and small caps have been about the same. it seems you have this flip flopping effect every other year. >> how much more to the upside do you think small caps can do. >> right now trading 15 times next year's earnings. the growth rate for those names 13%. we've had a great run from the bottom. i think we settle in for both large and small for a while. >> you've got a nice combined look at things in the portfolio. what do you like in the large cap area? then i want to switch over to small cap for a moment. you're a large cap guy. >> large cap lagged a little bit. to make up for it with the market settling in here with the outloo
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